与此同时，近年地缘政治的发展，也让中东投资者感到须增加在美欧以外地区的投资，以分散风险。香 港市场国际化并与内地市场高效互联，运作方式及规管环境与国际最佳标准无缝衔接，是他们实现多元 资产配置及财资管理的理想平台。 陈茂波表示，自去年九月底以来，港股市场表现畅旺，吸引了更多中东资金对香港金融市场的兴趣。最 近多只在港上市集资的新股，都有来自中东的资金作为其基石投资者，投资金额均过亿美元，反映港股 正吸纳更多元的新资金。从趋势来看，根据国际货币基金组织的数据，沙特、科威特和巴林三个海湾地 区国家对香港证券投资的头寸， 在2023年增至63亿美元，五年间年均复合增长率约17%。 香港与中东监管机构和市场持份者的交流合作亦持续提升。去年陈茂波到访沙特时与其资本市场管理局 和两地业界举行圆桌会议，今年他们亦多次访港，其中今年五月港交所与沙特证交所集团合办的"香港 —沙特资本市场论坛"便是重点活动。今年五月，香港证监会也与阿布扎比金管局签订了备忘录，加强 在监管信息交换方面的合作。 中东国家希望加快当地的基建发展、引入更多的创新科技，并推动产业发展，这同样为香港初创公司、 科创企业和专业服务公司带来大量的商机，尤其为科 ...

截至2025年8月，南向资金在港股市场累计净买入额超过4.6万亿港元，南向资金对港股定价权的掌控持 续增强，并成为主导力量。其背后原因包括投资者多元化的配置需求，以及港股相对低的估值所产生的 吸引力。 与此同时，不妨看看北向通的资金规模。上半年，流向内地市场的北向资金也有大幅增长：债券交易方 面，北向通平均每日成交金额为459亿元人民币，去年同期为445亿元人民币，同比增长3%，创下新 高；股票交易方面，北向资金日均成交额为1731.4亿元人民币，去年同期为1302亿元人民币，同比增长 32%。由此可见，北向通和南向通已然形成了良性互动。 港交所8月20日公布2025年上半年财报，营收及净利润均创历史新高。报告期内，港交所实现营收 140.76亿港元，同比增长32.53%；主营业务收入129.54亿港元，同比增长33.68%，存管费用及保证金规 模增加令投资收益净额上升;EBITDA（指扣除利息支出及其他融资成本、税项、折旧及摊销前的盈利， 不包括合并报表之外的业绩）利润率为79%，同比增长6%；股东应占盈利（净利润减去少数股东权益 后的部分）85.19亿港元，同比增长39.09%，基本每股盈利6.74港元， ...

（文章来源：深圳商报） ...

Market Overview - The Hang Seng Index recently peaked at 25,700 points but has since declined, with a current support level around 25,000 points, indicating potential downward adjustment risks [1][2] - The distribution of bull and bear certificates shows 69% are bullish and 31% bearish, suggesting a prevailing bullish sentiment despite the recent market pullback [1][3] Investment Products - For investors considering bull certificates, it is advised to select products with a recovery price not too close to the current market price to mitigate risks [1] - Specific products mentioned include: - Bull certificate 65915 with a recovery price of 24,818 points and a leverage of 50-60 times [1] - Bear certificate 65929 with a recovery price of 25,688 points and a leverage of 40 times [2] - Call warrant 18057 with an exercise price of 25,627 points and a leverage of 10 times, expiring in December [1] - Put warrant 19402 with an exercise price of 24,477 points and a leverage of 8 times, expiring in January [1] Individual Stock Analysis - Xiaomi (01810) is experiencing volatility ahead of its earnings announcement, with a current price around 51-52 HKD after a recent drop to 50.1 HKD [5][6] - Investors are favoring call warrants for Xiaomi, such as warrant 17257 with an exercise price of 61 HKD and a leverage of 5 times, expiring in April [5] - Hong Kong Exchanges and Clearing (00388) is benefiting from high trading volumes and new IPOs, with a suggested call warrant 17568 at an exercise price of 530.5 HKD and a leverage of 7 times [8][9] Sector Focus - The semiconductor sector is currently in focus, with companies like SMIC (00981) and Hua Hong Semiconductor (01347) facing price adjustments [12][13] - Investment products for SMIC include call warrant 18978 with an exercise price of 62.88 HKD and a leverage of 3 times, and put warrant 13689 with an exercise price of 42.5 HKD, also with a leverage of 3 times [12] - For Hua Hong, call warrant 19312 with an exercise price of 55 HKD and a leverage of 2 times is available [12] Risk Management - Investors are advised to monitor support and resistance levels closely when selecting products, particularly for high-leverage options [18][19] - The current support level for Xiaomi is around 49.2 HKD, while the resistance level is at 57.5 HKD [6][9]

Core Viewpoint - The Hong Kong stock market is undergoing a liquidity reform with the implementation of the first phase of lowering the minimum price fluctuation limits, effective from August 4, aimed at enhancing market liquidity and international competitiveness [1][2][3] Group 1: Implementation Details - The Hong Kong Stock Exchange (HKEX) announced the first phase of lowering the minimum price fluctuation limits on July 21, with successful pre-launch testing completed on August 2 [1] - The minimum price fluctuation for stocks priced between HKD 10 and HKD 50 will be reduced, with specific changes such as from HKD 0.02 to HKD 0.01 for stocks priced between HKD 10 and HKD 20, and from HKD 0.05 to HKD 0.02 for stocks priced between HKD 20 and HKD 50 [1][2] Group 2: Market Impact - As of August 4, there are 265 stocks priced between HKD 10 and HKD 50, accounting for approximately 10% of the total market stocks, with their trading volume representing nearly 29% of the total market turnover on that day [2] - The adjustment applies to stocks, real estate investment trusts, and equity warrants, but excludes exchange-traded products (ETPs), options, bonds, and structured products [2] Group 3: Future Outlook - The HKEX has indicated that the second phase of adjustments will be based on the outcomes of the first phase, expected to be implemented by mid-2026, targeting the minimum price fluctuation limits for stocks priced between HKD 0.5 and HKD 10 [3] - The average daily trading volume in the Hong Kong stock market has significantly improved, rising by 118% year-on-year to HKD 240.2 billion in the first half of 2023 [3] - The adjustment of minimum price fluctuation limits is anticipated to lower trading costs for investors, potentially attracting more institutional investors to participate in the Hong Kong stock market [3]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) aims to enhance the robustness of the IPO pricing and allocation mechanism while balancing the participation of various local and international investors in new share subscriptions through proposed reforms [1]. Group 1: Changes in IPO Pricing and Allocation Mechanism - The minimum allocation to the book-building portion is set at 40% of the initially proposed shares for the IPO, down from the previously suggested 50% [1][3]. - Under Mechanism A, the maximum percentage for allocation to the public subscription portion has been increased from 20% to 35% [3]. - Mechanism B introduces a new option where issuers must pre-select a percentage for public subscription, with a minimum of 10% and a maximum of 60%, without a reallocation mechanism [3]. Group 2: Public Holding and Free Float Requirements - The new regulations stipulate minimum public holding and free float requirements for issuers at the time of listing, which include specific thresholds based on market capitalization [4][5]. - The initial free float threshold varies, with requirements set for different categories of issuers, including a minimum of 5% for certain issuers with a market value of at least 600 million HKD [5]. - The new rules will take effect on August 4, 2025, and will apply to all issuers and new listing applicants filing documents on or after that date [5].

Core Insights - The Hong Kong market achieved record highs in the first half of 2025, with significant increases in trading volumes and market capitalization [1][5]. Group 1: Market Trading Volume - The average daily trading amount on the Hong Kong Stock Exchange reached HKD 240.2 billion, a 118% increase from HKD 110.4 billion in the same period last year, marking the highest level since 2010 [3]. - The average daily trading amount for the Stock Connect program under the Shanghai-Hong Kong Stock Connect was HKD 110.96 billion, reflecting a 195% year-on-year growth [3]. Group 2: Market Capitalization - As of June 30, 2025, the market capitalization of Hong Kong reached HKD 42.7 trillion, up 33% from HKD 32.1 trillion a year earlier [5]. - The first half of 2025 is characterized as a breakthrough period for the Hong Kong capital market, showcasing resilience and innovative momentum [5]. Group 3: Growth in Specific Product Categories - The daily trading amount of ETFs surged to HKD 33.8 billion, with a year-on-year increase of 184%, driven by the expansion of the ETF mutual access program and the continuous launch of new ETF products [9]. - The daily trading amount of leveraged and inverse products increased by 75% year-on-year [9]. - The average daily trading volume of futures and options rose to approximately 1.7003 million contracts, an 11% increase from about 1.5327 million contracts in the same period last year [9]. - The daily trading volume of RMB currency futures reached approximately 115,200 contracts, reflecting a 43% year-on-year growth, indicating the growing role of RMB-denominated instruments [9].

Group 1: Foreign Capital Flow - In Q2 2025, northbound funds showed a net inflow of approximately 53.74 billion CNY, an increase compared to Q1 2025[2] - Foreign capital in A-shares saw significant net inflows in the financial, industrial, telecommunications, and healthcare sectors, each exceeding 10 billion CNY[6] - In contrast, foreign capital in the Hong Kong stock market experienced a net outflow of about 113.3 billion HKD in Q2 2025 compared to Q1 2025[6] Group 2: Sector Performance - The technology and financial sectors were among the top performers in the Hong Kong market, contributing to significant profit-taking activities in Q2 2025[8] - Specific A-share manufacturing leaders attracted substantial foreign investment during their Hong Kong IPOs, particularly in the energy storage sector[19] - The banking sector saw a divergence in foreign investment, with northbound funds increasing their holdings in A-share banks while foreign intermediaries reduced their holdings in Hong Kong banks[27] Group 3: Investment Trends - The top sectors for foreign capital inflow in the Hong Kong market included information technology, industrials, and essential consumer goods[6] - Notably, the energy storage devices and telecommunications equipment sectors attracted significant foreign investment in Hong Kong[20] - The report highlights a trend where foreign capital is favoring technology and new consumption sectors in Hong Kong, while A-shares are more focused on industrial and financial sectors[22]

Group 1 - The report emphasizes the need to regulate low-price disorderly competition among enterprises and promote the orderly exit of backward production capacity, aiming to address the issue of "involution" in market competition [2][8] - Historical cases show that supply-side clearance driven by policy typically begins with market expectations, while the main upward trend requires improvements in industry structure to support cash flow and balance sheet recovery [8][10] - The current round of overcapacity is primarily concentrated in mid- and downstream industries, unlike the previous cycle which was focused on upstream resource sectors [9][10] Group 2 - The report suggests focusing on two main strategies: industries that have experienced prolonged supply-side clearance and are likely to see improvements in supply-demand dynamics, and industries that may benefit from policy-driven accelerated clearance [10][11] - For natural clearance, the report recommends monitoring demand-side indicators for upstream industries and supply-side indicators for mid- and downstream sectors, highlighting sectors such as agricultural chemicals, general machinery, pharmaceuticals, and components [10] - For policy-driven clearance, attention should be given to industries mentioned in recent policies aimed at addressing "involution," including photovoltaic, lithium batteries, automobiles, and cement [10][17]

- The report focuses on the allocation of Northbound funds in the banking sector for Q2 2025, highlighting that the total market value of A-shares held by Northbound funds is approximately 2.29 trillion yuan, an increase of about 53.178 billion yuan compared to Q1 2025[2][4][14] - Northbound funds are underweight in the banking sector relative to the CSI 300 Index, with a configuration ratio of about 11.09% in banks compared to 15.71% in the CSI 300, resulting in an underweight of approximately 4.62%[2][4][16] - After stripping out the impact of industry price changes from Q1 to Q2 2025, the net inflow of Northbound funds into secondary banking sectors was calculated, showing that the most held were joint-stock banks, followed by state-owned banks, with the highest net inflow into city commercial banks[4][19][20] - The top five secondary industries with the highest net inflows of Northbound funds in Q2 2025 were semiconductors, securities and futures, new energy vehicle equipment, pharmaceuticals, and communication equipment[5][20][22] - Conversely, the top five secondary industries with the highest net outflows were home appliances, liquor, components and parts, industrial control and automation, and display devices[5][22][24] - The report concludes that Northbound funds did not show a significant trend of chasing high-performing industries during Q2 2025[5][26][27]